CHICAGO, Sept 1 — The Scion Group (“Scion”), the world’s largest owner of off-campus student housing, today announced the acquisition of a four-community, 2,316-bed student housing portfolio from SCHENK+, in partnership with Ares Real Estate funds (“Ares”). Three of the communities were developed by SCHENK+; the fourth was acquired and repositioned. The portfolio was acquired for an aggregate purchase price of approximately $435 million.
The four-community portfolio serves students at the University of Georgia, the University of Tennessee and Texas State University. Scion currently operates in all three markets, providing beneficial overlap with its existing platform and supporting an efficient integration into Scion’s national operations.
SCHENK+ was founded by Jared Schenk nearly 30 years ago and has built a strong track record in delivering curated living spaces for students. Its high-quality, thoughtfully designed communities serve Tier 1 public universities nationwide. Nati Kiferbaum advised SCHENK+ on the transaction.
“Jared Schenk is one of the true pioneers of off-campus student housing, and he has built an incredible portfolio of high-quality communities,” said Robert Bronstein, Chief Executive Officer of The Scion Group. “This transaction provides a comprehensive exit for him and his investors. Scion is pleased to add another successful portfolio execution to our track record, and we are even more excited to welcome these communities to our portfolio.”